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Someone Sells 42k Bitcoins for $ 0.18 Due to a Disruption on Coinbase
The order book of the exchange lists a deal to sell bitcoins for only $ 0.18.
There is no confirmation that the deal was completed.
The exchange has not yet given any comments after the incident.
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It is not yet clear whether the deal was implemented, but users point to a huge candle on the Bitcoin charts from the Coinbase Pro platform, judging by which, the trader sold 42 thousand coins at $ 0.18.
Trouble on Coinbase
The BTC / USD chart and order book on Coinbase Pro show that over 42K bitcoins were sold at $ 0.18. Hopefully this is a mistake and the trader did not actually make this trade..
A screenshot of an impressive candlestick chart posted by @CaptainScio. As you can see in the publication, the order book shows a sell at $ 0.18.
Just saw this happen in the daily. 42,000+ #BTC at 18 cents? That’s a heavy error and overload for coinbase. pic.twitter.com/AmusydUO8z
– CaptainScio 8 mo’s 8 days til Full Time Trading (@CaptainScio) April 6, 2020
This is most likely a fake trade, and the candle that formed on the charts appeared as a result of a Coinbase error or system overload. The exchange itself has not yet commented on the situation, and perhaps this deal does not actually exist, but the usual bug on the site is to blame for everything..
Crash on the exchange
Cases like these are not uncommon in the cryptocurrency space. Recall that in February, Ripple plummeted to $ 0.15 on the BitMEX exchange. Then, due to the strong volatility of the pair on BitMEX, many positions in the XRP / USD market were liquidated, and many traders expressed their dissatisfaction with the company’s negligence..
Usually, flash crashes happen on days when the market is under strong pressure and prices do not recover in time after the fall. On one such day, March 12, the cryptocurrency market collapsed by 50%. Then, as a result of a flash crash on the Binance crypto exchange, the LINK / USDT pair reached an almost unimaginable minimum of $ 0.00001.
However, sometimes flash crashes occur in low liquidity conditions. Last September, BeInCrypto reported that someone bought bitcoins on Binance for $ 1,800. A sudden sell-off led to a cascading effect in the BTC / BUSD pair on Binance, followed by a short-term collapse of BTC to $ 1800.
It is not yet clear what actually happened on Coinbase Pro, but, most likely, a new bug on the exchange is to blame. Otherwise, at least on Twitter, many users would actively cover this event, which is not happening now. But in light of recent events, Coinbase may take additional precautions to ensure that such disruptions, which scare off traders, may not occur in the future..
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